SEC Won't Recommend Enforcement Of New Proxy Rules

Law360 (June 1, 2021, 6:28 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday said it will not recommend enforcement actions against proxy advisers regarding potential violations of rules and interpretations issued in the past two years while regulators take a fresh look at the policies.

The SEC Division of Corporation Finance said that, under direction from Chairman Gary Gensler, it is reconsidering an interpretation issued in 2019 and new rules passed in 2020. Both actions would have applied tighter scrutiny to proxy advisory firms, which advise shareholders on voting matters, and were passed by a divided SEC that disagreed on whether the rules were needed....

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